Foxconn to buy stake in Canadas Smart Technologies

"We are very excited by the proposed acquisition of Smart by Foxconn, who is the world's largest electronics manufacturer," said Neil Gaydon, President and CEO of Smart.

Smart Technologies Inc., a provider of collaboration solutions, and Foxconn Technology Group have entered into an arrangement agreement under which Foxconn has agreed to acquire all of the outstanding common shares of Smart for a cash payment of USD 4.50 per common share.

"Smart has built an enviable global brand in both the education and enterprise spaces. The proposed transaction with Foxconn provides us with one of the strongest global electronics partners with access to significant resources, a broad range of new technologies, markets and financial resources that will enable us to accelerate our strategy and position Smart for significant future growth," said Neil Gaydon, President and CEO of Smart.